Major Crown Resorts investor Blackstone is now setting its sights on reviving the meetings and events industry, as it targets an acquisition of Cvent for $4.6 billion.
The US-based company is now in talks with a Blackstone affiliate for the buy-out, with a fully-owned subsidiary of the Abu Dhabi Investment Authority to also become significant minority investor in the deal.
The deal is expected to close mid-year, according to reports, with Cvent’s board already approving the merger.
The move is just one of the aggressive investment steps Blackstone has taken in recent years, including the acquisition of Crown for $6.3 billion. The group also recently acquired the Extended Stay America chain for $6 billion.
Speaking of the acquisition, Cvent’s founder and CEO noted that “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”
Cvent currently has some 22,000 global customers and lists more than 302,000 hotels and venues on its suppliers network.